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Industrial and Corporate Change 2009 18(3):381-414; doi:10.1093/icc/dtp017
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© The Author 2009. Published by Oxford University Press on behalf of Associazione ICC. All rights reserved.

Measurement of the market power of firms: the Japanese case in the 1990s

Kozo Kiyota, Takanobu Nakajima and Kiyohiko G. Nishimura

Correspondence: Kozo Kiyota, Yokohama National University

Correspondence: Takanobu Nakajima (Corresponding author), Faculty of Business and Commerce, Keio University, Minato-ku, Tokyo 108 8345, Japan. Tel: +81 354 271 231; Fax: +81 354 271 578; e-mail: nakajima{at}fbc.keio.ac.jp

Correspondence: Kiyohiko G. Nishimura, Bank of Japan

This article presents a new simple econometric framework for the estimation of individual firms’ markup over their marginal cost, taking account of firm heterogeneity, demand-driven cyclical price changes, and the limited availability of firm-level information. The framework is applied to study markup of Japanese firms in manufacturing and wholesale/retail trade for 1994–2002. The results indicate that, on average, the Japanese markets become more competitive in the 1990s than before even in non-manufacturing industries. We also find sizable heterogeneity and non-negligible pro-cyclicality in the markup of the Japanese firms.


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